More pressure has been piled on to retail landlords following fashion chains Oasis and Warehouse entering administration.
Partners at Deloitte were appointed administrators late yesterday afternoon. The brands will continue to trade online in the short-term whilst the administrators assess options for the future.
The brands traded from 92 standalone branches, leaving landlords with the prospect of empty stores if no sale or deals for the chains are agreed. There are 437 concessions located in third party retailers.
A number of London listed property firms lease shops to Oasis and Warehouse. Intu has 14 and Landsec has 10. Hammerson and British Land respectively have four and three.
A number of retail landlords across the industry have experienced difficulties since the coronavirus outbreak, with some tenants unable to, or yet to, pay rent because government-enforced shop closures have hit their income.
Vivienne King, chief executive at shopping centres organisation Revo, said: “With the June quarter day fast approaching there is increasing urgency for a form of Government support for businesses’ property costs.”
